On the other hand, they remembered well the panic of the afternoon seven days before, and, knowing that it had been both artificial and malicious, no one wished to start it afresh. And besides, Europe had signaled its confidence in the dollar in the strongest terms. The bond market was as solidly fixed as though set in granite, and the first moves of the day had been to buy U.S. Treasuries to take advantage of the stunning deal offered by the Fed Chairman. That move was the best confidence-builder they'd ever seen.

For over ninety seconds by one trader's watch, exactly nothing happened on the floor of the exchange. The ticker simply displayed nothing. The phenomenon evoked snorts of disbelief from men whose minds raced to understand it. The little-guy investors, without a clue, were making few calls, and those who did were told by their brokers to sit tight. And for the most part that was what they did. Those who did make sell orders had them handled in-house by their brokerage houses from the reservoir of issues that they had on hand, left over from the previous week. But the big traders weren't doing anything, either. Each of them was waiting for somebody else to do something. The inactivity of merely a minute and a half seemed an eternity to people accustomed to frantic action, and when the first major play happened, it came as a relief.

That first big move of the day, predictably, came from the Columbus Group. It was a massive purchase of Citibank common. Seconds later, Merrill Lynch pushed the button for a similar acquisition of Chemical Bank.

"Yeah," a few voices said on the floor. It made sense, didn't it? Citibank was vulnerable to a fall in the dollar, but the Europeans had seen to it that the dollar was rising in value, and that made First National City Bank a good issue to pick up on. As a result, the first tick of the Dow Jones Industrial Average was up, defying every prediction of every computer.

"Yeah, we can do this," another floor trader observed. "I want a hundred Manny-Hanny at six," he announced. That would be the next bank to benefit from the increasing strength of the dollar, and he wanted a supply that he could move out at six and a quarter. The stocks that had led the slide the previous week would now lead a rise, and for the same reasons as before. Mad as it sounded, it made perfect sense, they all realized. And as soon as the rest of the market figured it out, they could all cash in on it.